Agfa-Gevaert reported a 2.6% year-over-year increase in revenue excluding currency effects for the second quarter of 2026, as growth in its HealthCare IT and Digital Printing Solutions segments offset broader challenges. The company’s adjusted EBITDA improved quarter-over-quarter, with the Film & Chemicals segment contributing EUR 9 million, up from EUR 4 million in the prior period. First-half adjusted EBITDA totaled EUR 10 million above the same period last year.
Free cash flow remained negative at EUR 10 million in Q2 and EUR 52 million for the first half, compared with a EUR 30 million outflow in the prior-year period. Management attributed the decline to restructuring outflows, working capital needs, and a EUR 45 million impact from silver stock ramp-up. Net financial debt rose to EUR 74 million from EUR 58 million at the end of the prior period.
The HealthCare IT segment posted a 28% increase in order intake, with full-year intake expected to exceed EUR 200 million. Cloud-based order intake more than tripled quarter-over-quarter, accounting for 50% of total intake, while 54% of orders came from net new customers. Recurring revenue fell 9.5% in Q2 due to a shift from license sales to cloud subscriptions and strong prior-year first-half license sales. The company noted that Q4 is typically the strongest revenue quarter for HealthCare IT.
Digital Printing Solutions returned to double-digit growth in the first half, with ink sales up 10%. The Film & Chemicals segment improved profitability despite volume declines and silver price volatility, supported by pricing actions and restructuring savings. Green Hydrogen Solutions (ZIRFON) remained in a market trough for 2026, with a rebound anticipated in 2027.
Agfa-Gevaert’s leverage ratio stood at 1.4x, with liquidity headroom of EUR 5 million above the EUR 13 million minimum requirement. The company had EUR 113 million drawn from EUR 118 million in available facilities. The transformation program, named "Moonshot," is targeting annualized recurring savings of EUR 61 million, with full-year restructuring outflows of about EUR 60 million.
The company’s shares were flat at USD 2.29 in pre-market trading, trading within a 52-week range of USD 2.29 to USD 2.36. Analysts had expected a loss of USD 0.1147 per share on revenue of USD 321.6 million. InvestingPro projected full-year EPS of USD 0.04, compared with a loss of USD 0.37 over the last twelve months, and noted a strong free cash flow yield of 18%.
